UAE brokerage seals National Bonds pact

Dubai, July 10, 2011

Al Ramz Securities, one of the UAE’s leading brokerage houses based in Abu Dhabi, has signed an alliance agreement with National Bonds Corporation aimed at boosting the mutual business opportunities.

Established in 2006, National Bonds is 100 per cent owned by the Investment Corporation of Dubai. Its Sharia-compliant savings scheme –the first of its kind in the world – offers the highest returns among comparable schemes offered by other financial institutions in the UAE.

The National Bonds customers also get a chance to win a total of Dh2.9 million ($789,545) worth of monthly prizes as an incentive for their savings.

As per the deal, National Bonds will have access to the asset management, brokerage and research capabilities of Al Ramz, said Mohammad Murtada Al Dandashi, partner and managing director, Al Ramz Securities and Mohammed Qasim Al Ali, CEO of National Bonds Corporation after signing the deal.

Also National Bonds will offer its Employee Savings Scheme to Al Ramz staff in addition to its products and services. In turn, Al Ramz will offer its equity brokerage services to National Bonds’ clients and lend its financial advisory capabilities to educate its customers and UAE residents in a nationwide financial literacy program.

“We are very excited to be part of National Bonds’ efforts to educate the public on the best ways to manage their finances. Aside from the business aspects of our agreement, it enables us to introduce National Bonds’ unique value proposition that will assist our clients to improve their savings and investments,” said Al Dandashi.

The alliance, he said, was in line with Al Ramz Securities’ strategy to boost its presence in the UAE markets through mutually beneficial strategic alliances with key market players and other high-profile institutions in the emirates.-TradeArabia News Service